The truth is that a majority of Americans in both political parties are radically ignorant of basic economics. In numerous ways, most people in the United States have been committed to some form of economic suicide for generations. They just don’t realize the extent of it.

Markets help in the process of price discovery—determining what a commodity or service is “worth.” This, in turn, dictates such important values as the price of rice or the wages for unskilled labor. Price discovery is about who gets what.